Question

When may the right to conventional redemption be exercised against subsequent buyers?

Option 1: Once the ownership of the property is transferred to a subsequent buyer.
Option 2: Within one month of the initial sale transaction.
Option 3: After the subsequent buyer has taken possession of the property.
Option 4: Before the execution of the sale to the subsequent buyer.

Answer 1

The right to conventional redemption may generally be exercised once the ownership of the property is transferred to a subsequent buyer, but specific terms of this right should be detailed in the sale agreement.

Step-by-step explanation:

The right to conventional redemption may be exercised against subsequent buyers depending on the terms laid out in the initial sale agreement. If the right has been formally established and agreed upon, it can be executed once the subsequent buyer assumes property ownership. Option 1 is usually the case: Once the ownership of the property is transferred to a subsequent buyer. However, specifics of the redemption right should be referenced in the sale agreement, which can include conditions such as timelines, notice of sale to subsequent buyers, and any specific requirements that dictate when the right of redemption can be used.

The principles of justice in acquisition and justice in transfer suggest that a subsequent buyer who has rightfully acquired the property is entitled to it, this does not nullify previously established contractual rights such as conventional redemption if they have been incorporated as part of the sale agreement.